HOLYOKE -- BankESB officials expect to open by summer a branch under construction at Sargeant and Beech streets in a $1 million project that will provide seven to eight new jobs, a spokeswoman said Wednesday.

"We believe strongly in the future of the city and we're excited to be a part of that progress forward," President and CEO Matthew S. Sosik said in a press release.

A groundbreaking was held on Oct. 31 and construction should be done and the branch open in the summer. An exact date has yet to be determined, said Cara M. Del Tatto, bankESB interactive marketing officer.

"The $1 million dollar investment puts this property back on the tax rolls, creates jobs and is the first time in decades that a bank has chosen to establish themselves in our downtown," Mayor Alex B. Morse said.

This will be Holyoke's first branch of bankESB, formerly known as Easthampton Savings Bank, but the bank has worked here for decades. It provided construction financing for projects such as Gary Rome Hyundai, The Cubit, Fiesta Cafe, International Container and C&D Electronics, the press release said.

The branch here will be bankESB's 11th in the region, the press release said.

Holyoke is among the top 10 communities for deposits for Easthampton Savings Bank, which was founded in 1869. The bank has nearly 1,000 customers here with $18 million in deposits and $28 million in loans, a previous press release said.

The 2,800-square-foot bank will sit on a lot behind the CVS pharmacy at 170 Sargeant St. The City Council has approved a drive-though-window with two lanes, for an ATM and live customer service.

Sosik praised the city's help on the project.

"Our entry into the city would not have been possible without the creativity and innovation of Alex Morse and his team and the entire planning staff. We are grateful for their help in making this happen," Sosik said.